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Russian President Vladimir Putin on Thursday proposed to his Turkish counterpart Recep Tayyip Erdogan building a natural gas hub in Türkiye. Speaking on the sidelines of a regional gathering in Kazakhstan, Putin said building a hub in Türkiye would allow, among other things, regulating prices, selling gas at market prices, …

Some Biden administration officials are growing concerned that their plan to cap the price of oil purchased from Russia may backfire after the OPEC+ alliance’s surprise production cut last week, according to people familiar with the matter. The plan seeks to keep enough Russian supplies on the global market to …

OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or …

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. Brent crude futures dropped 7 cents, or 0.1 percent, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 …

Saudi Arabia rejected statements criticising the Kingdom as “not based on facts”, after last week’s OPEC+ decision to cut its oil production target despite US objections, saying it served the interests of both consumers and producers. This decision was adopted through consensus, took into account the balance of supply and …

US President Joe Biden warned Tuesday that there will be “consequences” for Saudi Arabia after Riyadh threw its weight behind a production cut by the oil cartel OPEC+ which has sent prices soaring. “There’s going to be some consequences for what they’ve done with Russia,” Biden said in an interview …

Oil prices slipped for a third straight session on Wednesday as the dollar gained steam and investors braced for U.S. inflation data, while global recession risks and tightening COVID-19 curbs in China triggered worries about fuel demand Brent crude futures fell 46 cents, or 0.5 per cent, to $93.83 a …

The World Meteorological Organisation (WMO), in its 2022 State of Climate Services report released on Tuesday, says the supply of electricity from clean energy sources must be doubled within the next eight years to limit the global temperature increase. Focusing on energy, the multi-agency report emphasised that “otherwise, there is …

The European Union is moving closer to proposing a temporary overhaul of the electricity market by limiting prices of gas used for power generation even as pressure mounts for the bloc to impose a broader cap. EU energy ministers gathering in Prague on Wednesday will consider that model, which has …

Director of Dispatching of the National Iranian Gas Company (NIGC) Mohammad Reza Joulai announced that Iran’s gas exports to Iraq increased in the current year. Joulai met and held talks with senior officials of the Iraqi Ministry of Electricity in Isfahan province, Iran on Tuesday. Joulai highlighted in this meeting …